NZD/USD Rally is 2nd Largest of Year

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Rally is 2nd Largest of Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The former 4th wave extreme near .8150 is a level to keep in mind as resistance if price continues higher.” The NZDUSD advance is the second largest of the year (behind 6/3, which was quickly retraced) and price has spiked through a steep upward sloping channel. Viewed in the proper context (impulsive declines from the 2011 and 2013 highs), the rally presents a golden opportunity to short.

FOREXTrading Strategy: Watch for resistance at the ‘original line’ (in red) if price goes to a new high. Currently short against .8110.

LEVELS: .7904 .7966 .8011 .8135 .8161 .8212

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